|Account Types||Low Value or Micro Account, High Net Worth or VIP Accounts,|
|Customer Support||Single Language Phone Support, Single Language Live Chat, Single Language Email Support,|
HY Markets is a diversified global conglomerate that is owned by the Henyep Group and based in London, England. Licensed to execute trades in London, Hong Kong, the United Arab Emirates and twenty other countries, it has over 30 years’ experience and is licensed by the FCA, CySEC, CIMA, MiFID, DFSA, HKEX, and SFC. HY offers options for the trading of indices, commodities, metals, stocks, and forex and offers traders multiple account options including a demo account as well as a Mini, Standard, Premium, or HY Pro Trader. As a broker, it operates using the MetaTrader4 platform and supports this via additional features and a MetaTrader5 platform that is compatible for Windows, iOS and Android mobile operating systems.
Licensing and Regulation
HY Markets, which recently changed its name to HYCM, is licensed under its parent company, Henyep Capital Markets (UK) Limited. Henyep Capital Markets also operate within other markets under the names HYCM Limited, HYCM Ltd, HYCM Ltd, and Henyep Capital Markets Limited. Resultant on the multiple markets they operate within and the services they provide, HY Markets is regulated by multiple regulatory authorities to ensure they remain transparent and operate within the laws governing the financial transactional activity.
It further provides accountability with the option to file formal complaints in traders feel otherwise. As a result, HY Markets is regulated by the FCA, CySEC, CIMA, MiFID, DFSA, HKEX, and SFC. Each is considered to be excellent regulatory watchdogs that require brokers to maintain large operational budgets and maintain trader funds on segregated and protected bank accounts.
One of the many advantages to traders who register with HY Markets is the ability to execute trades via their mobile devices. This is resultant on the broker undertaking the wise decision to create mobile apps that are easily downloaded directly via the HY Markets website or by visiting the Apple or Google Play stores. Both apps have been optimized to perform to the same high standards as its website and feature an identical range of trading tools, indices, stocks, commodities, cryptocurrencies and forex trading options. Additionally, a mobile website version is available should traders prefer not to download the HY Markets apps, and similarly, it has been designed to feature the same options as those mentioned for its mobile apps.
Brand & Functionality
With over 30 years within the financial and trading markets, there is little doubt that HY Markets has built a strong reputation, especially valuable in an age when new brokers are popping up constantly. While less known in the Americas as it is in Europe and Asia, its functionality includes far more than the options it provides but extends to offering superior support services which adds to its overall customer satisfaction and international reputation.
As a brokerage, it offers multiple trading platforms, including the popular MT4 and MT5 trading platforms that is considered one of the best within the financial trading industry. From a functionality perspective, that is good news for traders as it ensures them a reliably proven platform to execute their traders on without having to waste valuable time becoming familiar with a proprietary system. With multiple trading tools, easy to use graphs, and various other tools, and educations assists such as an in-depth knowledge base, workshops and webinars, the overall functionality is exceptional.
HY Markets has chosen to offer four different account types; Demo, Mini, Standard, Premium and HY Pro with each offering their own unique set of benefits. The first of the account types is a demo account, and as one would expect, it allows traders the ability to practise trading using virtual funds on either the MT4 or MT5 trading platforms until such time as they feel they are comfortable enough to upgrade to one of the other account types.
The Mini account is most suitable for those traders who are relatively new to trading as it allows for deposits as low as $50. It, therefore, reduces the financial risk and while a solid option, most will find the Standard account to be the more preferred option as it ideal for those who have gained experience and are ready to begin trading based on their knowledge and financial abilities. The Markets Premium account, more geared towards traders with sizable trading experience and its HY Pro is reserved for those with large budgets who have extensive experience and trade substantial volumes.
What is important to note is that all accounts include an extensive library of training videos and webinar seminars that can be combined to stay abreast of the latest market conditions. They further offer the option to receive SMS analysis research alerts, and for those who are consistent with their deposits and trading history, the option to access specialized VIP services with a loyalty store.
The process of registering an account with HY Markets is uncomplicated but does involve several steps, the first of which is completing clicking on the “Create an Account” button and filling in your first and last name, email and telephone number as its first step. The second is to provide your state, date of birth and home address, followed by the selecting of a preferred trading platform and account type, in their case this includes fixed, classic or raw.
In addition to providing various personal information, HY Markets asks various questions relating if you are a reportable person within the US or if one that is politically exposed. Finally, it will require the setting of a password and the confirmation of your identity and the funding of your account before being eligible to begin executing trades.
The depositing of funds once your HY Markets accounts have been confirmed is as simple as locating the “Deposit” tab, selecting it. This will direct you to its internal cashier page where you can then close from a list of available deposit options to fund your account. The options available for the funding of your trader account vary from online payment solutions, credit card, debit card and wire transfer options and funding your accounts requires a minimum deposit of $50. To proceed, you will need to enter the relevant information pertaining to the method chosen and if using an online payment solution, logging in and approving the transfer/depositing of the funds you wish to deposit. If opting for a wire payment, personal details and related banking information will be required.
HY Markets offers its traders a vast selection of products to help them with the executing of trades, collecting information, accessing charts and various other tools in an effort to make wise and informed trades. Their current offering includes Forex, Stocks, Oil, Indices, Commodities, and Metals with leverages of up to 1:300 on 100 trading instruments with over 300 products.
Currently, HY Markets offers trading options for indices, stocks, commodities, cryptocurrencies and forex. The company features fast, easy and simple executions of trades as a result of a low latency environment that is supported by various pricing feeds that are continually updated. This gives traders the ability to quickly execute trades without running into delays that could impact their profit margins
The banking options offered by MY Markets is somewhat less than many might hope to see but is designed to offer a combination of credit card, debit card, online payment solutions and direct banking deposit options. This list includes Visa, Mastercard, Skrill, WebMoney, Neteller, Wire transfer, and Interac e-Transfer. It should be noted that until trader accounts have been verified that funding of an account is not permitted due to regulatory requirements. However, once approved, deposits are processed rather quickly, usually in under 30 seconds unless uploading funds is carried out via a wire transfer, in which case payment will take 2-5 days to reflect in trader accounts.
A key ingredient to success and in instilling confidence in the hearts of its traders is the ability to provide 24/7 support, and for HY Markets, they have accomplished that by not only offering traditional methods such as email, telephone and live chat but also provide supportive services via skype. The support centre is open 24 hours a day, and to complement this, and to provide additional options, a help centre offering answers to commonly posed questions is available.
HY Markets provides access to a variety of trading tools to assists traders. These can be accessed online or via iOS and Android devices with options provided for downloading relevant platforms should traders require or desire to all in an effort to allow traders the freedom to trade when convenient to them. The current range of trading tools includes FX calculators, trading central, and platform downloads for windows, iOS and Android. These have been created to assist with trade execution which is combined with an easy to use dashboard that identifies various FX, commodity and indices for multiple markets such as Europe, Asia and the Americas. It furthermore includes technical analysis that offers indicators, charts and various other assistive tools.